Wealth tax - jewellery valuation

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Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2014 In how many years the jewellery having value exceeding Rs. 5 Lacs to be get valued by the registered valuer?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

30 July 2014 every 3 years u need to get a new valuation report from a govt authorised reg valuer.

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2014 Is there any notification or circular regarding this?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

30 July 2014 u can refer to schedules to wealth tax act,1957 dealing with the valuation of assets.

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2014 I have gone through the rule 18 of the schedule III in which there is reference of circular no. 646 dated March 15, 1993 wherein it has been mentioned that valuation report obtained shall be the basis for valuation of next 4 Assessment Years in case of jewellery exceeding Rs. 5 Lacs. Is there any change after that in the said rule or cicular?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

30 July 2014 but practically i have seen assessee's opting for the valuation every 3years but then u can go by 4 years as per sch III

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